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Alteogen raises 200 billion won from state growth fund, SkyLake
En breve
Alteogen said on Oct. 6 that it will raise 200 billion won from the National Growth Fund and the private equity firm SkyLake. Maeil Business reported the company will issue 100 billion won of five-year convertible preferred shares and 100 billion won of redeemable convertible preferred shares to SkyAlt, the vehicle the two investors set up jointly. Alteogen said the money will go toward a new biopharmaceutical production facility in Daejeon and toward bringing in outside pipelines and platform technology.
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Alteogen said on Oct. 6 that it will raise 200 billion won from the National Growth Fund and the private equity firm SkyLake, a deal carried as a headline by Korea Economic Daily and Newsis and reported in detail by Maeil Business. [ 1 , 2 , 3 , 4 ]
Maeil Business reported that the company will issue 100 billion won of five-year convertible preferred shares and 100 billion won of redeemable convertible preferred shares to SkyAlt, a vehicle the National Growth Fund and SkyLake established jointly. The issue price of the redeemable convertible preferred shares was set at a 10.3% premium to the base price, the report said. [ 3 ]
Part of the money will go to a new biopharmaceutical production facility Alteogen is pursuing in Daejeon, with the rest used to bring in outside pipelines and platform technology, according to the report. Alteogen said its business is currently concentrated on ALT-B4, the key substance of its subcutaneous formulation-change platform Hybrozyme, and that the funding is meant to diversify that structure by building from research and development through to commercialisation. [ 3 ]
The company said it has licensing agreements with 10 global pharmaceutical companies, including MSD, AstraZeneca, Sanofi and Novartis, based on ALT-B4, and that a subcutaneous version of MSD’s Keytruda using ALT-B4 has been approved in the United States, Europe, Canada, Korea and Japan. CEO Chun Tae-youn said milestone and royalty income from the ALT-B4 business is expected to continue, but that the company judged it important to secure new growth drivers now rather than depend on one platform. [ 3 ]
Maeil Business reported that the National Growth Fund is a policy fund set up to supply long-term capital to advanced strategic and future growth industries, with a plan to provide 30 trillion won in total this year through private managers’ sub-funds. SkyLake, which the report says manages 3.5 trillion won in assets, was chosen this year as a large-league manager for the fund and secured about 200 billion won in policy money. SkyLake CEO Min Hyun-ki said Alteogen is the first company invested by the fund the firm set up, and said he expects it to secure new growth drivers and become a global biopharma company. [ 3 ]
Por qué importa
The National Growth Fund is a policy fund set up to supply long-term capital to advanced strategic and future growth industries, and SkyLake said Alteogen is the first company invested by the fund it set up. For Alteogen, the money is presented as a way to reduce reliance on a single platform, ALT-B4, by adding production capacity and new products. Whether the new capacity changes Alteogen’s position with its global licensing partners depends on execution the documents do not describe.
Datos clave
- Alteogen said it will raise a total of 200 billion won from the National Growth Fund and SkyLake. [ 1 , 2 , 3 , 4 ]
- Alteogen said it will issue 100 billion won of five-year convertible preferred shares and 100 billion won of redeemable convertible preferred shares to SkyAlt, a vehicle jointly established by the National Growth Fund and SkyLake. [ 3 ]
- The issue price of the redeemable convertible preferred shares was set at a 10.3% premium to the base price, according to Maeil Business. [ 3 ]
- Part of the proceeds will fund a new biopharmaceutical production facility being pursued in Daejeon, with the remainder for bringing in external pipelines and platform technology. [ 3 ]
- Alteogen said it has licensing agreements with 10 global pharmaceutical companies including MSD, AstraZeneca, Sanofi and Novartis based on ALT-B4, the key substance of its subcutaneous formulation-change platform Hybrozyme. [ 3 ]
- Alteogen said a subcutaneous version of MSD’s Keytruda using ALT-B4 has been approved in the United States, Europe, Canada, Korea and Japan. [ 3 ]
- SkyLake, described as managing 3.5 trillion won in assets, was selected this year as a large-league manager for the National Growth Fund and secured about 200 billion won in policy funds, according to Maeil Business. [ 3 ]
- SkyLake CEO Min Hyun-ki said Alteogen is the first company invested by the fund the firm set up. [ 3 ]
Confirmado por varias fuentes
Aún sin aclarar
- Whether all 200 billion won has been committed at signing or is drawn in stages. Only one document describes the share issuance and it gives no payment schedule.
- The ownership or governance rights SkyAlt receives in Alteogen. The document gives share types and issue prices but not conversion terms, stake size or board rights.
- The exact timing and capacity of the Daejeon production facility. The facility is described only as being pursued; no schedule or capacity is given.
- The full text of the Korea Economic Daily and Newsis reports on the investment. Both outlets carried headlines on the 200 billion won raise, but the readable article text on their pages concerns unrelated subjects, so details could be drawn only from their headlines.
Qué dicen los medios locales
Cronología, hora local
- Korea Economic Daily publishes a headline reporting that Alteogen has attracted 200 billion won from the National Growth Fund and SkyLake. [ 1 ]
- Newsis publishes a headline reporting the 200 billion won investment under a framing about securing a future growth engine. [ 2 ]
- Maeil Business publishes the detailed account of the share issuance, the use of proceeds and the background of the fund and SkyLake. [ 3 ]
- Maeil Business publishes a further summary of the same investment. [ 4 ]